DAILY USD/JPY TECHNICAL OUTLOOKLast Update At 17 Oct 2014 00:08GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
106.20
55 HR EMA
106.40
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
57
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
107.57 - Mon's high
107.07 - 38.2% r of 110.09-105.20
106.67 - Tue's low, now res
Support
105.92 - Y'day's NY hourly sup
105.51 - Y'day's low
105.20 - Wed's low
. USD/JPY - 106.36... Despite hitting a 5-week low at 105.20 Wed, dlr met renewed buying at 105.76 in Tokyo n ratcheted higher to 106.33 at European open. Renewed weakness in the Nikkei futures prompted selling to emerge n knocked dlr to 105.51, however, price rallied to 106.46 in NY on recovery in global stocks.
. Looking at the bigger picture, Wed's selloff to 105.20 confirms dlr's decline fm Oct's fresh 6-year trough at 100.09 remains in force n as long as 107.49 res holds, further weakness to 104.32 is envisaged, this is a 'dynamic' 61.8% r of MT intermediate rise fm 100.76-110.09. As daily technical indicators are falling n with macd now cutting below the zero line, suggesting downside bias shud continue to weigh on price after present consolidation is over. Therefore, despite dlr's erratic rise fm 105.20, reckon 107.07 (this is 'minimum' 38.2% r of 110.09-105.20) wud cap upside n yield resumption of said decline next week.
. Today, although dlr has climbed marginally abv o/n NY high of 106.50 ahead of Tokyo open, a firm rise abv 106.67/71 (prev. sup, now res n 100% proj. of 105.20-106.40 fm 105.51 respectively) needed to confirm a temp. low has been made at 105.20 n yield stronger retrace. to 107.07 but res at 107.49 shud hold.
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